Gems and Jewelry Exports Drop by 9% in April

Due to the ongoing geopolitical tensions in West Asia, gems and jewelry exports dropped by 9 percent in the month of April, coming down to 2.45 billion dollars (approximately ₹20,492 crore). In the same month last year, imports had decreased by 10 percent to reach 2.03 billion dollars. The main reasons behind this are a slump in demand in the market, along with a 20 percent drop in cut and polished diamond exports, which fell to 1.11 billion dollars from previous levels.
On the other hand, raw diamond imports grew significantly by over three times to reach 222 million dollars (compared to 62 million dollars previously). This indicates that manufacturing activities are ongoing, even though rough diamond imports for cutting operations fell by 21 percent to 848 million dollars (down from 1.21 billion dollars).
The export of polished lab-grown diamonds saw a 16 percent decline, dropping to 109 million dollars (down from 130 million dollars). Meanwhile, gold jewelry exports fell by 22 percent compared to the same period last year, dropping to 482 million dollars (down from 1.08 billion dollars). The high price of gold and instability in the global economy have severely impacted global demand.